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F 1936 GOVERNMENT STATES UNITED EXECUTIVE OFFICERS President - Franklin D. Roosevelt (ts- Secretary of Treasury - Henry Morgenthau, Jr. (appoint.4 A served wi Comptroller of Currency - Secretary of State Secretary of War Secretary of Navy Secretary of Interior Secretary of Agriculture Secretary of Commerce Secretary of Labor Postmaster General Attorney General - J. F. T. O'Connor (date of appoint resigned April : Cordell Hull George H. Dera Claude A. Swanson Harold L. Ickes Henry A. Wallace Daniel C. Roper Frances Perkins Dames A. Farley Homer S. Cunmings http://fraser.stlouisfed.org/ BirtY_ . . Federal Reserve Bank of St. Louis =~ --- I -YUY61~LLZ~ :ll~i 1 1936 January U. S. G 0V E RN M E N T L w ~ .e SENATE Banking and Currency Committee , 7th Congress PerMr iaeWA'a Re-hre"^ ) Pi 0Aa M ^^pbfBaoa^sy FLETCHER, Duncan U. GLASS, Carter WAGNER, Robert F. BARKLEY, Alben W. BULKLEY, Robert J. GORE, Thomas P. COSTIGAN, Edward P. REYNOLDS, Robert R. BYRNES, James F. BANKHEAD, 2nd John H. MCADOO, William Gibbs ADAMS, Alva B. MALONEY, Francis T. RADCLIFFE, George L. Florida Virginia New York Kentucky Ohio Oklahoma Colorado North Carolina South Carolina Alabama California Colorado Connecticut Maryland http://fraser.stlouisfed.org/ :- i ~-~-IW;:_l-L l-Vdr;aJ~i~:~ar;;~Li~W-YFederal Reserve Bank of St. Louis NORBECK, Peter TOWNSEND Jr. John G. CAREY, Robert D. COUZENS, James STEIWER, Frederick South Dakota Delaware Wyoming Michigan Oregon 1936 U. S. G 0V E RN ME N T January HOUSE OF REPRESENTATIVES Banking and Currency Committee 74th Congress Republicans SDemocratv STEAQALL, Henry B. GOLDSBOEOUGH, T. Alan Alabama Maryland REILLY, Michael K. HANCOCK, Frank Wisconsin North Carolina WILLIAMS, Clyde Mississippi CROSS, 0. H. Texas SPENCE, Brent BROWN, Prentiss M. SISSON, Fred J. FARLEY, James I. MEEKS, James A. Kentucky Michigan New York Indiana Illinois KOPPLEMANN, HermanP. Connecticut KENNEDY, Martin J. FOD, Thomas F. SBROWN, Paul RUSSELL Richard M. DRISCOLL, D . 0. Digitized for LB [FRASER D http://fraser.stlouisfed.org/ Federal Reserve Bank of- St. Louis New York California Georgia Massachusetts Pennsylvania ^ A-i~t-^-^, ^.:.^.^ -- - -~- HOLLI STER, John B. WOLCO TT, Jesse P. CAVICCHIA, Peter A. FISH Jr., Hamilton GIFFO RD, Charles L. DIRKS EN, Everett M. FENERTY, Clare G. . Ohio Michigan New Jersey New York Massachusetts Illinois Pennsylvania 1936 FEDERAL RESERVE BOARD Marriner S. Joseph A. OF GOVEITNORS Eccles, Chairman Broderick SYSTELZ Ronald Ransom, Vice Chairman M. S. Szymcak John K. McKee Chester C. Davis (eff. 6/25) Ralph W. Morrison (2/10/36 res. 7/9/36) Charles S. Hamlin, Special Counsel Lawrence Clayton, Assistant to the Chairman Elliott Thurston, Special Assistant to the Chairman Secretary's Office Chester Morrill, Secretary Liston P. Bethea, Asst. Sec. S. R. Carpenter, Asst. Sec. J. C. Noell, Asst. Sec. Counsel's Office Walter Wyatt, General Counsel George B. Vest, Asst. Gen. Counsel B. Magruder Wingfield, Asst. Gen.Counsel Division of Examinations Leo H. Paulger, Chief R. F. Leonard, Asst. Chief C. E. Cagle, Asst. Chief . IT=, - -- -'? --ri 70 Division of Research and Statistics E. A. Goldenweiser, Director Woodlief Thomas, Asst. Dir. Lauchlin Currie, Asst. Dir. George W. Blattner, Asst. Dir. Division of Bank Operations E. L. Smead, Chief J. R. Van Fossen, Asst.Chief J. E. Horbett, Asst. Chief Division of Security Loans Carl E. Parry, Chief Philip E. Bradley, Asst. Chief Fiscal Agents 0. E. Foulk, Fiscal Agent Josephine E. Lall*. Deputy . &enl__ yical l^^l|,^,... 1936 FEDERAL RESERVE STSSt FEDERAL ADVISORY COUNCIL District No. 1 (Boston) Thomas M. Steele District No. 2 (New York) James H. Perkins District No. 3 (Philadelphia) Howard A. Loeb, Vice President District No. 4 (Cleveland) Arthur E. Braun District No. 5 (Richmond) Charles M. Gohen District No. 6 (Atlanta) H. Lane Young District No. 7 (Chicago) Edward E. Brown District No. 8 (St. Louis) Walter W. Smith, President District No. 9 (Minneapolis) Theodore Wold District No. W. T. Kemper 10 (Kansas City) District No. 11 (Dallas) Joseph H. District No. M. A. Arnold 12 (San Francisco) Walter Lichtenstein, Frost Secretary 1936 (to March Card 1 1) FEDERAL RESERVE SYSTEM FEDERAL OPEN IRKET COITTEE Composed of 12 Governors of Federal Reserve Banks, up to March 1. 1936 I 1. Boston Roy A. Young 7. Chicago G. J. Schaller 2. New York G. L. Harrison 8. St. Louis William Mc. Martin 3. Philadelphia - George W. Norris 9. Minneapolis W. B. Beery 4. Cleveland M. J. Fleming 10. Kansas City George H. Hamilton 5. Richmond George J. Seay 11. Dallas B. A. 6. Atlanta - Oscar Newton 12. San Francisco - John U. Calkins http://fraser.stlouisfed.org/ iFederal Reserve Bank of St. Louis LMcinney 1936 June Card 2 RESERVE SYSTEM FEDERAL FEDERAL OPEN MARKET COMM.ITTEE :1 Marriner S. Eccles,Chairman George L. Harrison, Vice Chairman Joseph A.Broderick M. J. Fleming B.A. McKinney G. H. Hamilton Ralph W. Morrison John K. McKee M. S.Szymc Chester Morrill, Walter Wyatt, Ronald Ransom George J. Schaller Secretary Counsel E. A.Goldenweiser, Economist John H.Williams,Associate Economist W. Randolph Burgess, Manager of Account j 7.. 1936 Federal Reserve Bank of Boston (Dist. 1) DIRECTORS Term Expires Class A SEWALL, Arthur (Bath, Me.) REED, L. S. (Waterbury, Conn.) RIPLEY, A. L. (Boston, Mass.) 1936 1937 (elected) 1938(re-elected) Class B FROST, E. J. (Boston, Mass.) FRENCH, E. S. (Boston, Mass.) ALLEN, P.R. (E. Walpole, Mass.) 1936 1937 1938 (re-elected) Class C HOLLIS, Allen (Concord, N.H.) Deputy Chairman MERRIMAN, C. H. (Providence, R.I.) CURTISS, F. H. (Boston, Mass.) Chairman and FR Agent http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis _ __Li ~__i ~ _~ __ _-LL I 1936 1937 1938 (re-appointed) 1936 Federal Reserve Bank of Boston (Dist. 1) OFFICERS * Governor - R. A. *Deputy Governor Vice President Young W. W. Paddock - W. Willet Chairman and Federal Reserve Agent E. H. Curtiss Deputy Chairman Allan Hollis *Note: The titles of Governor and Deputy Governor was changed to President and First Vice President, effective March 1. W. Willet was appointed Vice President on March 1. Federal Reserve Bank of New York (Dist. 2) OFFICERS *Governor * Deputy Governors - G. L. Harrison - W. R. Burgess L. R. Rounds L. F. Sailer W. S. Logan J. H. Williams Allan Sproul + Chairman and Federal Reserve Agent - J. Deputy Chairman 0. D. Young (from June 16 to Dec. 31) - H. Case (resigned Apr. 30) * Note: The titles of Governor and Deputy Governor was changed to President and Vice President, after March 1. + Mr. Sproul was appointed First Vice President, after March 1 and C. H. Coe , was appointed Vice P .. Feder aLReserve Bank of N 1936 YBORK (Dist-. 2) DIRECTORS Dec. 31 Term Began CLASS A Term Ende 1/1/34 1936 DAVISON, George W. (Greenwich) 1/1/35 1937 MILLS, Edward K. (Morristown) 1/1/36 1938 (:reelected) STEVENS, Robert T. (Plainfield) 1/1/34 1936 WATSON, Thomas J. (Short Hills) 1/1/35 1937 TEAGLE, Walter Q. (Port Chester) 1/1/36 1938 (reelected) 1/1/34 1936 1/1/35 1937 (resigned 4/30/36) 6/17/36 (Chairman) 1937 (Deputy Chairman) BERRY, Cecil R. (VCverly) CLASS B CLASS C WOOLLEY, Clarence M. (Greenwich) CASE, J. Herb irt (Plainfield) YOUNG, Owen D. (Van Hornesville) j Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS Governor - G. W Norris Deputy Governors - W. H. Hutt(res. J. S. Sinclair • C. A. McIlhenny President First Vice President- /30) J. S. Sinclair W. H. Hutt (res. 1/30) F. J. Drinnen (eff. 6/1) Vice President- C. A. McIlhenny Chairman and Federal Reserve Agent - R. L. Austin Deputy Chairman - vacancy Note: According to the Banking Act of 1935 the titles of Governor and Deputy Governors were changed to President and Vice Presidents, effective Mar. 1. ................................ 1936 Federal Reserve Bank of Philadelphia (Dist. 3) DIRECTORS Term Expires Class A Dec. REILY, G. W. (Harrisburg, Pa.) HENNING, J.B. (Tunkhannock, Pa.) WAYNE, Joseph (Jr.) (Philadelphia, Pa.) 31 1936 1937 1938 (re-elected) Class B DeLaCOUR, J. C. (Camden, N.J.) STOUT, C.F.C. (Camden, N.J.) SEtALL, A.W. (Philadelphia, Pa.) 1936 1937 1938 (re-elected) Class C Vacancy CANNON, H. L. AUSTIN, R. L. (Bridgeville, De.) (Philadelphia, Pa.) Chairman and FR Agent _ i~_i_ __ 1937 1938 (re-appointed) 1936 Federal Reserve Bank of Cleveland (Dist. 1 i) j OFFICERS * Governor M. J. * Deputy Governors First Vice President - F. J. Vice Presidents Fleming F. J. Zurlinden H. F. Strater Zurlinden - H. F. Strater W. F. Taylor Chairman and Federal Reserve Agent - E. S. Burke, Jr. Deputy Chairman - E. S. Burke, Jr. (March 1 to Dec. (Jan. 31) 1 to Feb. 29) *Note: The titles of Governor and Deputy Governors were changed according to the act passed in 1935, to President and Vice Presidents. Therefore, the INresi~p Ireident became effective March 1. http://fraser.stlouisfed.org/ President, Vice Federal Reserve Bank of St. Louis 1936 Federal Reserve Bank of Cleveland (Dist. 4) DIRECTORS Term Expires Dec. 31 Class A CONNER, B. R. (Conner, Ohio) 1936 1937 1938 (re-elected) LAMBERTON, Ches (Franklin, Pa.) WARDROP, R. A. (Pittsburgh, Pa.) Class B GALVIN, WRIGHT, CRABBS, J. E. R. P. G. D. (Lima, Ohio) (Erie, Pa.) (Cincinnati, Ohio) 1936 1937 1938 (re-elected) Class C KNIGHT, W. W. (Toledo, Ohio) BRAINARD, G. C. (Youngstown, Ohio) BURKE, E. S. (Jr.) (Cleveland, Ohio) - ~,~a ;l~i~-~s~i~z~e ~n~ ;PI~J;~i~Y~ZP~ Chairman and FR Agent 'YZ-'~ , 1936 1937 1938 (re-appointed) _ 1936 T~i-rjl P 7---~-Cr Federal Reserve Bank of Richmond (Dist. 5) OFFICERS * Governor President - George J. Seay - Hugh Leach *Deputy Governors R. H. Broaddus J. S. Walden, Jr. (G. H. Keesee) Chairman and Federal Reserve Agent Deputy Chairman F. A. Delano (January 1 to Feb 29 and from March 17 to Dec. 31) - vacancy * Note: the banking Act of 1935 changed the titles of Governor and Deputy Governors to President and Vice Presidents effective March 1. G. H. Keesee was a Vice President, but not a Deputy Governor. 4: 1936 Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Term Expires Dec. 31 Class A RIEMAN, C. E. (Baltimore, Md.) BRASWELL, J.C. (Rocky Mount, N.C.) JOHNSON, L.E. (Alderson, W.Va.) 1936 1937 1938 (re-elected) Class B REED, C. C. (Richmond, Va.) HANNA, J. H. (Washington, D. C. ) MALLOY, Edwin (Cheraw, S. C.) 1936 1937 1938 (re-elected) Class C DELANO, F. A. (Washington, D. C.) Chairman and FR Agent LASSITER, Robert (Mooreaville, N.C.) Vacancy _____~ i _ __ _~~ ~~ _i _1__ i__ _ 1936 1937 1936 Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS *Governor * Deputy Governors - Oscar Newton - (M. W. Bell) R. S. Parker First Vice President Chairman and Federal Reserve Agent Deputy Chairman H. F. Conniff H. W. Martin H. W. Martin (March 1 to Dec. 31) - W. H. Kettig (Jan. 1 to Feb. 29) *Note: The titles of Governorand Deputy Governors were changed to President and Vice Presidents, effective March 1. Mr. Bell was a Vice President appoited after March 1. Mr. Martin did not http://fraser.stlouisfed.org/ become a Federal Reserve Bank of St. Louis Vice, tN|^ eereegBen ii March. Federal Reserve Bank of Atlanta (Dist. 6) DIRECTORS Term Expires Dec, 31 Class A CLAY, R. G. (Atlanta, Ga.) COOK, W. D, (Meridian, Miss.) WHITE, G. J. (Mount Dora, Fla.) 1936 1937 1938 (elected) Class B McCRARY, J.A. (Decatur, Ga.) HALL, Fitzgerald (Nashville, Tenn.) GEORGE, E. T. (New Orleans, La.) 1936 1937 1938 (elected) Class C ALLEN, J. P. (Atlanta, Ga.) KETTIG, W. H. (Birmingham, Ala.) Deputy Chairman MARTIN, H. W. (Atlanta, Ga.) Chairman and FR Agent _ _ _I__ 1936 1937 1938 (appointed) 1936 Federal Reserve Bank of Chicago (Dist. 7) OFFICERS * Governor - *Deputy Governors Vice President Schaller (H. P. Preston) C. R. Mc Kay J. H. Dillard - Chairman and Federal Reserve Agent Deputy Chairman G. J. W. H. Snyder SE. M. Stevens (effective Mar. 1, March 31) - R. E. Wood (from July 7 to Dec. *Note: The titles of Governor and Deputy Governors were changed to Vice Presidents effective March 1. * Mr. Preston was appo 'e1 PYresident on March 1) -- --- - resigned 31) President and 1936 Federal Federal Reserve Reserve Bank Bank of of Chicago Chicago (Dit. (Dist. 7) 7) DIRECTORS Term Expires Dec.- 31 Class A LEAVELL, J. R. (Chicago, Ill.) ESTBERG, E. R. (Waukesha, Wis.) WILLIAMS, F. D. (Iowa City, Iowa) 1936 1937 1938 (re-elected) Class B BABB, M. W. (Milwaukee, Wis.) CRAPO. S. T. (Detroit, Mich.) NOYES, N. H. (Indianapolis, Ind.) 1936 1937 1938 (re-elected) Class C STEVENS, E. M. (Chicago, Ill.) Chairman and FR Agent LEWIS, F. J. (Chicago, Ill.) WOOD, R. E. (Chifago, Ill.) Deputy Chairman _____________ ......... 1936 (res. March 31) 1937 (July 7) 1938 (appointed) 1936 Federal Reserve Bank of St. Louis (Dist. 8) i OFFICERS * Governor - vm. Mc C. Martin * Deputy Governors- 0. Mi. Attebery J. G. McConkey (J. S. Wood, appointed May 1) Chairman and Federal Reserve Agent - J. Deputy Chairman - Paul Dillard (until February 29) S. Wood (until April 30) *Note: The titles of Governor and Deputy Governors were changed to President and Vice Presidents effective March 1. Mr. Attebery was on March 1 elected as First Vice President and Mr. Wood who was not a Deputy Governor was elected on May 1 as a Vice President, _______ ae -. ^f______ 1936 Federal Reserve Bank of St. Louis (Dist. 8) DIRECTORS Term Expires Dec. 31 Class A NAHM, M. B. (Bowling Green, Ky.) HITT,F. G. (Zeigler, Ill.) LONSDALE, J. G. (St. Louis, Mo.) 1936 1937 1938 (re-elected) Class B HARRIS, J. W. (St. Louis, Mo.) PLUNKETT, W. B. (Little Rock, Ark.) STURDIVANT, M. P. (Glendora, Miss.) 1936 1937 1938 (re-elected) Class C *OWOD, J. DILLAHD, STANLEY, S. (St. Louis, Mo.) Chairman and FR Agent Paul (Memphis, Tenn.) Deputy Chairman J. R. (Evansville, Ind.) 1936 1937 1938 (re-appointed) * Mr. Wood served only up to April 30, as in accordance with the Banking Act of 1935. i i '-L ~ 1936 Federal Reserve Bank of Minneapolis (Dist. 9) OFFICERS Governor - W. B. Geery President - J. Peyton - Harry Yaeger H. I. Ziemer Deputy Governors (Vice Presidents) Chairman a nd Federal Reserve Agent Deputy Chairman N. (served to March) - J. N. Peyton (from the beginning of the year unitl March) W. B. Geery ( from March 1 to Dec. 31) H. P. Clark (January 1 to Feb. Note: The titles of Governor and Deputy Governor were changed to President and Vice President effective March 1. 29) 1936 Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Term Expires Class A HANSEN, H. C. (Churchs Ferry, N. Dak.) GRANGAARD, M.O.'(minneapolis, Minn.) KIBBEE, H. R. (Mitchell, S. Dak.) Dec. 31 1936 1937 1938 (re-elected) Class B FUNK, A. P. (La Crosse, Wis.) WASHBURN, W. O. (St. Paul, Minn.) O'CONNELL, J.E. (Helena, Mont.) 1936 1937 1938 (re-elected) Class C CLARK, H. P. (St. Paul, Minn.) Deputy Chairman McCORMICK, G.W. (Menominee, Mich.) GEERY, W. B. (Minneapolis, Minn.) Chairman and FR Agent 1936 1937 1938 (appointed) r.. Federal Reserve Bank of Kansas City (Dist. 10) ~ OFFICERS *Governor - G. H. Hamilton *Deputy Governors - C. A. Worthington J. W. Helm Chairman and Federal Reserve Agent - J. Deputy Chairman - E. P. Brown (served from Jan. J. Thomas (served all year) 1 to Feb. 29) *Note: the titles of Governor and Deputy Governors were changed to President and Vice President effective March 1, Mr. Worthington was appointed First Vice President after March 1 leaving Mr.Helm as the only Vice President. http://fraser.stlouisfed.org/ Federal Reserve Bank --of St. -----------------Louis __ -... . * ---... _- __ .;3 ..--- _ .. 1936 Federal Reserve Bank of Kansas City (Dist. 10) DIRECTORS Term Expires Dec. Class A PARKS, C. C.(Denver, Colo.) SPONABLE, E, W. (Paola, Kans.) 31 (Hill City, Kans.) 1936 1937 1938 (re-elected) HOSFORD, W. D. (Omaha, Neb.) BERNARDIN,J. M. (Kansas City,Mo.) PHILLIPS, L. E. (Bartlesville, Okla.) 1937 1938 (re-elected) MULLANEY, Class B 1936 Class C BROWN, E. P. (Davey, Neb.) Deputy Chairman DOOLIN, J. B. (Alva, Okla.) THOMAS, J. J. (Kansas City, Mo.) Chairman and FR Agent 1936 1937 1938 (appointed) Federal Reserve Bank of Dallas (Dist. 11) OFFICERS *Governor - * Deputy Governors B. A. McKinney R. R. Gilbert R. B. Coleman Chairman and Federal Reserve Agent - C. C. Walsh Deputy Chairman - S. B. Perkins (Jan. 1 to Feb. 29) *Note: the Titles of Governor and Vice Governor were changed to President and Vice President effective March 1. Mr. Gilbert was appointed First Vice http://fraser.stlouisfed.org/ President. ** Federal Reserve Bank of St. Louis ^ ^ ^ fe^^ ^^^_________ 1936 Federal Reserve Bank of Dallas (Dist. 11) DIRECTORS Term Expires Dec. 31 Class A HARDING, R. E. (Fort Worth, Tex.) HOOKS, P. E. (Itasca,Tex.) MORRIS, Alf (Winnsboro, Tex.) 1936 1937 1938 (re-elected) Class B MILAM, J. R. (Waco, Tex.) CLEVELAND, A.S. (Houston, Tex.) MIDDLETON, J. D. (Greenville, Tex.) 1936 1937 1938 (re-elected) Class C PERKINS, S. B. (Dallas, Tex.) Deputy Chairman NVALSH, C .C. (Dallas, Tex.) Chairman and FR Agent Vacancy _ __f_~__f 1936 1937 1938 F i1936 Federal Reserve Bank of San Francisco (Dist. 12) OFFICERS Governor Deputy Governors- J U. Calkins W. A. Day Ira Clerk President - W. A. Day First Vice President - Ira Clerk Vice President - W. M. Hale C. E. Earhart Chairman and Federal Reserve Agent - W. N. Deputy Chairman - W. N. Moore (from Jan. 1 to Feb. 29) A. 0. Stewart (effective July 7) Moore (Jul 7 to Dec. 31) Note: The titles of Governor and Vice Governor were changed to President and Vice President effective March 1. ? 1936 Federal Reserve Bank of San Francisco (Dist. 12) DIRECTORS Term Expires Dec. 31 Class A POWELL, Keith (Salem, Oreg.) McINTOSH, C. K. (San Francisco, Calif.) RAMSAY, T. H. (San Francisco, Calif.) 1936 1937 1938 (re-elected) Class B McNAGHTEN, Malcolm (Los Angeles, COX, E. H. (Madera, Calif.) vacancy Calif.) 1936 1937 Class C MOORE, W. N. (San Francisco, Calif.) Chairman and FR Agent WELCH, A. P. (San Francisco, Calif.) STEWART,A.O. (San Francisco, Calif.) Deputy Chairman http://fraser.stlouisfed.org/ Federal I_ Reserve Bank of St. Louis _i 1936 1937 1938 (appointed) U.S. Congress. Senate. Special committee investigating the munitions industry Munitions industry: HEARINGS ... 74th cong., 1st sess. pursuant to S.Res. 206 (73d cong.) a resolution to make cer tain investigations concerning the manufacture and sJle of arms and other war munitions. Wash. Govt. ptg.off., 1936. 39pts. Index, pt. 40, printed 1943. Testimony: (Strong, Benjamin (Exhibits, letters etc. before Senate Special committee 1915-17 (investigating munitions industry. HEARINGS ... 74th cong., 2d sess. S.Res. 206 (73d cong.) Feb.6, 1936 pp9537-9588; 9680-9682 of Pt. 30: pp.9919, 9920,9935-9973, 10145, 10149, 10165, 10169-10174 of Pt.31: pp. 10429-10431, 10469, of Pt. 32. (Index, p. 14708, shows items as late as 1924; see under Strong, Benjamin entries for S.P. Gilbert and R. C. Leffingwell.) Warburg, Paul - see Pt. 30 and Pt. 31 http://fraser.stlouisfed.org/ Federal Reserve Bank of St._ Louis II II I HEARINGS 4028 .A2 (1936) 1936 LEGIiATION April 21 P~pBLIo RAsOLUTIoN-No. 83-74Tr [8. J. Res. 230 . CONGRBSS JOINT RESOLUTIO,'t Amending paragraph (4) of subsection (n) of ueeion 12B of the Federal erv Act, as armeded. Resolved by the Senate and House of Representatives of thk United States of America in Congress assembled, That paragraph (4) of nded, subsection (n) of section 12B of the Federal Reserve Act, >w lie is amended by striking out "July 1, 1986" and inseJ thereof "July 1, 1938". Approed, April 21, 193. *>' U 1936 April 21.4 LEGISLATION (!PUDLXO--NO. 5 3 O--74TxF [B. 3258j AkTj ACT OONGAsg3 pv-n bl ibamend uWon 304 of the Revised 8 -nRYx' * Be it mpted by' fhe Senate a Housef.R~pIe Wof fA Units .. of Am~%a in Oge8ei aisnmbiedV'Iction 804 of the dL6 Statutes,' -as 'nended (81 U. 8. Qjpm 144), is further ded to read as follows: "ZO. ?'2he Tnr asi4 may~h discretion, and witht consent of Secretary o ty, authoie the Ass Treasurer in the place and d~isharge ai4 of the of the er of The United States; and o Treasu a point from among the pp'P~ Office to be Acting Treasurer, 4absenc illness the. Treasurer and Assistan reasurer; and' Bec tasury mayll?' any time, on the recommenda of the ~ appoint from ino the clerks in OT~Treasui OffceIU-AL ia 1 f said tobealalAri leters ut4 to sg edtficates4 op -positi ch capacity weThat appointme untilthe to cover and hereunder. e Approv~Apd1 oade. ann, no this section. in terms son appointed er, for the time es prescribed by LEGISLATION [PUmzo-No. 621-74T CoaMres] to S8o. 8. Subsection (a) oilsection 28 of such Act is amended s trr ', read as follows: midssion a&d the Bord of oQwnors of tb#jederal "(a) ThiC shall each'have power to .mk such rules n regu Reserve ~ execution of the functions vested for t e8ay, necessary na l ou his ttle, and may for such purpose classify issuers, pec in then" theij within matters or persons other and xcanges, ritie ity tive Uisdictions. No provision of this title imposing any rity in co shall apply to any act done or omitted in good faith of Boar he or Commission any rule or regulation of the with notwithsn4ipg that Governors of the Federal Reserve System, omission, be amended or act such rile or regulation may, after such qthqr authority to be or rescinded or be determined by judicial or invalid for any reason." Approved, May 27, 1936. 1936 June 24 LEGISLATION [PUBUo-No. 778-74m Coxarl [8. 4512] AN ACT To amend section 641 of the Code of Law for the District of Columbia. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 641 of chapter XVIII of the Code of Law for the District of Columbia is amended by adding at the end thereof the following new paragraph: "Any company transacting the business of a trust company and heretofore or hereafter organized or operating under the provisions of this chapter shall have perpetual succession from the date of its organization, or until such time as it be dissolved, or until its fran chise shall become forfeited by reason of violation of law, or until terminated by either a general or special Act of Congress or until its affairs be placed in the hands of a reoeive and finally wound up by him." Approved, June 24, 1936. FEDERAL RESERVE SYSTEI 1936 February 1936 to April 1936 POLICY ACTION Apparent Intent - Restrictive Open Market Operations - ..... e.. oooo*o.. Discount Rate Reserve Requirements Selective Regulations - Margin requirements raised from range of 25-45 to 55 percent of market value*. Surrounding Circumstances - Stock market had been advancing with increased rapidity; some growth in credit used for speculative activity. Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 220. *General rule for extensions of credit by brokers and dealers on listed securities other than exempted securities and, beginning May 1, 1936, for loans by banks on stocks for the purpose of purchasing or carrying listed stocks. FEDERAL RESERVE SYSTEM 1936 August 1936 POLICY ACTION Apparent Intent - For other purposes Open Market Operations Discount Rate Reserve Requirements - Raised by 1/2. - To reduce large volume of excess reserves created by gold inflow so that the Federal Reserve would be in a better position to influence credit if necessary at some future time. No change in Federal Reserve policy to influence business business and credit situation at the time intended by action. Selective Regulations Surrounding Circumstances Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patmn Report) 1952, Page 220. LITIGATION 1936 4.201. sidenta i s.-T of tkl# Federal Res.vDAct greaVti dentL ~i e fks is preS lly the same as the section granting fiidental pb o national ban;fs. These powers are such as are necessary to meet 'e le4 ate demands of the authorized business and to enable the "n hto conduct its affairs within the general scope of it* c prudently. Federal rr- i1181 qi S.E. 82 (1936). LITIGATION 1936 ontract.:r 4<'ts tule',denying privity 13.580. ,"Ne Federal Reser* bank had forwarded f b l.the ane draft, subsequently dis re diretCs aaid that the "New honored, was York rule" was applicable and that therefore there was no privity of contract between the plaintiff and the defendant Reserve bank. On this theory, the court sustained the defendant's general demurrer and ordered the suit dismissed. Denning v. FederalReserve Bank of San Francisco, Idaho State Dist. Ct., Jan. 14, 1936 (unreported). The "Ne~w of it R eea ith, 1924). e" was lfiwise applied in Whiltingham v. Federal &l-lU State Dist. C, nk of 21. Dalas, . 1mnk o Dalas,271 U. S. l ( lr). For e), aring 2CFed. 2 Fed. ),fring LITIGATION 1936 thorizing preference.-The .604. Bank Col i %6a StaW bank for collection eial Reserve Bank were charged on the books of the iBks ~ ~ drawn up ailatter bank to the accounts of the respective drawers; and a draft was* .Ie Federl Rese rve bank in pa t he iifti as isued, before it was presented for paym tthe "drawee bank failed.i an action for the appointint ser, the 'Federal Re.ase bank intervened to establish i. i laim againstt the amets of the bank. It was held that since t s in question were not paidor settled for, and since the draft issued y the State bank was not payment or an unconditional credit, the fcets of the case met the require ments of the State Bank CollCtion C lloing a preference in such circumstances. A td tRi~ the Federal Reserve bank was affirmed, ,Fklallan of Chicago v. American Trust and Savings Bank of Hammond, 00 N.E. 248 (Ind. 1936). 1936 -.... 1936 : R .. i chIarge bajckatc pte^hecks t f g g kiap.-Believing that defend k was in a unsaf the 'ew fends from that b a ehech d d bank forwarded titck ank io and the latter bank, after charging the reservo N of d bank pursuant to an agreement, presented, the 460fl -to erve nti Defendant returned the check to thesFederal Uat the check hald been recalled by tbe p intiff. J was a o| tion, unauthorized by the plain.tifL I the f ire of ,deft ;' plaintiff brought .suit against the deftito iapress (a trus on the assets of the. hank in the amountlvLe chetk~ Sqyepl 'yea aer the Federal RIHe bank was also made a party d all. It w held that since tht ederg#Reserve bank acted merel°gent Jin colfecting the check and, undIM e circular governing collections, had Sauthority tocharge back to ti barxny checks not4etually and finAly paidthe charge a of t4defendant was merely pr na ad the dera~t was t&Wfore not liable to the ltiff. Converse . Boston-Continen Nat i k "1935), ' (Q' M.Iaff'd, 87 Fef. (2d1) r% A. 1 W6). LITIGATION 1936 LITIGATION di act to action of Federal Reserve bank Rig S 13.83. ounting ineligr1i paper. -Irrespective of the power of a Federal rve .k to take as collateral paper not eligible for discount, no W can fS0ilaii' of such action except the Government itself. Accordingly, the maker of a note secured by real estate cannot complain, in a suit by the Fdral Reserve bank on the note, that the note was not given for .P ageultural, industaal, or aM" mercial purpose and could not thtore be lawfully discounted by e Federal Reserve bank. Federal ffy, 21,4).C. 598, 188 S.E. 82 (1936). Reserve Bank of Richmo Nor.-ee also 13.863; 13.1 S . ... LITIGATION 1936 e Alosed of tkie I'dil Ce anote to a member bank whj~h tfe Federal Reserve bank. Shprtly befor e a emep~ ad before the not epid~fi amu e.gh 5 membej Ianou ghi te in1 ~ i oif. -Pg~n acOV5y the Fede&ralRe adk againit the deOMUtVniAwat the note hao 1the meinber bank' as0etWa 'held that h ank and" its . thire is -no agency relationship,LMt nr U'ht,*~gh nier Unks exoept such aes ccusto 'to send td6 4hjember ti~kderal ~Erve bank had b bank quu&& tionlotes, w icb.Ahat mneffber 'bank' dVdi s not. e bank, this fa k pIdg r defent 4 cor e 't MAhe eedn or involvedif Jud~mnt~h *tre, ijlhmond.1r41o
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